Should Portland adopt and implement the Moderate-Income Revolving Loan Program?

The City of Portland ordains.Section 1. The Council finds:City of Portland adopted the Housing Needs Analysis which identified the need for 120,000 additional housing units by 2045, and adopted the Housing Production Strategy to set forth actions over the next five years to support housing production, including the creation of new financial incentives to support the construction of middle-income housing.City of Portland has established an Inclusionary Housing Program including regulatory options that in certain instances include a 10-year tax exemption on some or all residential units and residential related portions of the building.Prosper Portland manages the investment of Tax Increment Financing (TIF) resources in 11 active TIF Districts to help fulfill Portland's goal of creating healthy, vibrant neighborhoods throughout the city – including the production of middle-income housing units that do not meet the affordability requirements of the affordable housing set-aside policy.In accordance with ORS 307.213 et seq., as amended by HB 4037 (2026), the City of Portland desires to establish a local Moderate-Income Revolving Loan Program (the "Local MIRL Program") to spur certain housing development activities within the City of Portland using a tax increment financing-based resource structure capitalized by the State of Oregon.The City of Portland desires its Local MIRL Program to provide financial assistance in the form of grants to developers of Eligible Housing Projects ("Developers") for occupants earning 50% to 120% of Area Median Income ("AMI") using funds obtained from the state through the MIRL Program.The City of Portland seeks to facilitate the development of low and middle-income housing to increase affordability and housing availability within the City of Portland.The City of Portland has consulted with the governing bodies of Washington County, Clackamas County, and Multnomah County regarding the City of Portland's desire to establish a Local MIRL Program.The City of Portland desires to delegate to Prosper Portland, the economic and development and urban renewal agency for the City or Portland, authority to administer the Local MIRL Program including the review of application materials, entering into grant agreements, and conducting program compliance. NOW, THEREFORE, the Council directs:Adopt and implement the Local MIRL Program, in accordance with the terms of Exhibit A, Local MIRL Program.